NextNav (NASDAQ:NN) Trading Down 6% – Here’s What Happened

NextNav Inc. (NASDAQ:NN)’s share price dropped 6% on Wednesday . The company traded as low as $21.45 and last traded at $21.6440. Approximately 1,243,261 shares traded hands during trading, a decline of 35% from the average daily volume of 1,921,350 shares. The stock had previously closed at $23.02.

Analysts Set New Price Targets

NN has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of NextNav in a report on Tuesday, April 21st. UBS Group set a $25.00 target price on shares of NextNav in a report on Thursday, April 16th. B. Riley Financial reiterated a “buy” rating on shares of NextNav in a report on Thursday, April 23rd. Oppenheimer upgraded shares of NextNav from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of NextNav from a “strong sell” rating to a “hold” rating in a report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, NextNav has a consensus rating of “Hold” and a consensus target price of $25.00.

NextNav Trading Down 5.8%

The firm’s fifty day moving average price is $18.77 and its 200-day moving average price is $16.58. The company has a market cap of $2.96 billion, a P/E ratio of -17.93 and a beta of 1.03.

NextNav (NASDAQ:NN) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.03. The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.94 million. As a group, research analysts forecast that NextNav Inc. will post -0.52 earnings per share for the current fiscal year.

Insider Activity at NextNav

In other news, CAO Sammaad Shams sold 3,945 shares of the business’s stock in a transaction dated Thursday, March 26th. The shares were sold at an average price of $19.54, for a total transaction of $77,085.30. Following the transaction, the chief accounting officer owned 72,950 shares in the company, valued at approximately $1,425,443. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Gray sold 1,405 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.11, for a total transaction of $25,444.55. Following the transaction, the chief financial officer owned 131,786 shares in the company, valued at approximately $2,386,644.46. The trade was a 1.05% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 101,133 shares of company stock worth $1,733,594. 7.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its position in shares of NextNav by 79.5% during the 4th quarter. Van ECK Associates Corp now owns 1,379,524 shares of the company’s stock valued at $22,955,000 after acquiring an additional 611,179 shares in the last quarter. Susquehanna Advisors Group Inc. boosted its position in shares of NextNav by 12.1% during the 3rd quarter. Susquehanna Advisors Group Inc. now owns 5,407,345 shares of the company’s stock valued at $77,325,000 after acquiring an additional 584,804 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of NextNav by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,932,757 shares of the company’s stock valued at $115,361,000 after acquiring an additional 573,214 shares in the last quarter. Philosophy Capital Management LLC acquired a new stake in shares of NextNav during the 3rd quarter valued at about $7,791,000. Finally, UBS Group AG boosted its position in shares of NextNav by 35.0% during the 4th quarter. UBS Group AG now owns 1,991,825 shares of the company’s stock valued at $33,144,000 after acquiring an additional 516,045 shares in the last quarter. Institutional investors own 79.16% of the company’s stock.

NextNav Company Profile

NextNav, Inc is a provider of advanced 3D geolocation infrastructure and positioning services in the United States. The company operates a nationwide network designed to deliver real-time horizontal and vertical location data for consumer, enterprise and public safety applications. By leveraging spectrum holdings in the 900 MHz band, NextNav’s network offers precise altitude and position information that complements GPS and other satellite systems, particularly in urban canyons, indoors or underground environments where traditional signals struggle.

At the core of NextNav’s offering is its TerraPoiNT platform, which enables developers, carriers and emergency response centers to integrate high-accuracy vertical location into their applications and workflows.